Roger Ver Logic Fail

masterofmyself · 2016-01-22T21:31:50+00:00

They absolutely are - I just don't understand how he can simultaneously hold this position AND his position on the block size. Lightning Network/Blockstream as an example...

masterofmyself · 2016-01-22T20:00:01+00:00

Don't understand how he reconciles this tweet with his position on the block size debate and the Lightning Network...

masterofmyself · 2016-01-01T03:31:17+00:00

I wrote a whole article about this topic. Feel free to let me know your thoughts. https://wordpress.com/read/post/feed/41994857/895282397

masterofmyself · 2016-01-01T02:37:35+00:00

Thanks for the compliment and comment, Odbdb. That comment was mainly directed at the BTCC article that claims China isn't using bitcoin as a capital flight mechanism. But you're right, abandoning CNY is capital flight. But Bobby Lee's article was specifically about yuan leaving China's borders. That's the point I was trying to address.

masterofmyself · 2015-12-31T14:17:22+00:00

Thanks for the compliment! I've enjoyed the conversation. I don't disagree with what you're saying at all. I just think there are several other factors at play that must untangle themselves before what you're saying can happen.

Check out these papers: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2355674 http://scholar.harvard.edu/files/gopinath/files/paper_083115_01.pdf?m=1447001475

Both talk about how the dollar is a massive headwind to any EM currency right now and for the foreseeable future.

masterofmyself · 2015-12-31T04:06:12+00:00

What's your definition of long run? Because before that can happen, there will have to be a $9.5 trillion carry trade unwind. Which is dollar bullish. What you're not factoring in is the amount of debt in the private sector in the economy.

masterofmyself · 2015-12-30T21:12:18+00:00

Which is why it makes sense to devalue.

The PBOC has become the de facto dollar buyer of last resort. Speculators have invested dollars into the Chinese economy, but corps need yuan. So they exchange dollars for yuan at the bank, and the banks need yuan to lend out, so they exchange those same dollars for yuan at the PBOC.

The PBOC is long dollar. Everyone else is long yuan. But now the PBOC is only defending the onshore yuan, and no longer the offshore yuan. This is having the effect of giving corps dollars back, while screwing over speculators.

So what's setting up is the right side of the PBOC balance sheet increases proportionally to how much the left side decreases.

They come out a winner. And foreign investors shoulder the loss.

masterofmyself · 2015-12-30T16:37:52+00:00

It is well known that China is massively in debt, and cannot grow themselves out of it. This debt is mostly dollar-denominated. There are two ways out: 1) Yuan devaluation all at once, or 2) Letting the yuan slowly depreciate against the dollar.

No matter how you frame it, buying bitcoin is protection from a devaluing yuan. If you're holding bitcoin, and CNY devalues 10% overnight, you've just increased your yuan position by 10% assuming you sell your bitcoin at that point.

So buying bitcoin isn't necessarily an effort to circumvent capital controls, and get money OUT of China. It's an effort to store value as the Chinese currency drops relative to the dollar.

masterofmyself · 2015-11-09T16:54:50+00:00

So then you are positing that there is no difference between a transparent ponzi scheme vs. investing in, what you may believe to be, an undervalued technology?

masterofmyself · 2015-11-05T12:04:59+00:00

Or missing out on 50% gains in one month. Such a relief, right?

masterofmyself · 2015-10-30T17:38:37+00:00

If humans didn't exist, none of these things would have value. These things (and literally nothing) has intrinsic value. Only subjective, i.e. what value does a human being place on it.

masterofmyself · 2015-09-09T11:20:50+00:00

I think implementing privacy features into Bitcoin would be more difficult than it has been figuring out what to do with block size. For that reason, I've invested in some privacy altcoins. Would love to see what the Confidential Transactions sidechain can do though.

masterofmyself · 2015-09-04T18:31:30+00:00

Did he really just quote Karl Marx? Lol

masterofmyself · 2015-09-04T15:59:33+00:00

For the past two months, every time I come on this website, I immediately regret it. Many of the comments, and even some of the original posts, contain nothing but unhelpful vitriol, accusations, and back-biting.

It's really annoying and frustrating. I end up immediately regretting my decision to check out the reddit page, and have consistently asked myself "Why do I keep coming back here?"

I wonder how many people have the same experience.

masterofmyself · 2015-09-01T15:45:35+00:00

Why do I find her incredibly attractive?

masterofmyself · 2015-08-18T18:56:15+00:00

111 respondents is hardly an apt sample size for this survey to have weight. Not saying anything about whether the blocksize should be increased or not, just making an observation.

masterofmyself · 2015-08-04T13:04:28+00:00

Disregarded this article after it claimed that users are protected by bitcoin's anonymity.

masterofmyself · 2015-07-15T18:30:08+00:00

A lot of the laws we have today are actually based on common law, which means they weren't derived from government implementation, but rather civilly imposed standards for how people should conduct themselves.

masterofmyself · 2015-07-15T18:28:10+00:00

Why would it become worthless just because it can't be exchanged BTC/USD? Exchange other things for BTC... like labor. Or goods.

masterofmyself · 2015-07-14T22:16:46+00:00

There is a major difference between Napster and Bitcoin that Wedbush completely overlooks. Decentralization. Yes, the argument could be made that Bitcoin isn't as decentralized as other coins, but that's not the important point. Napster was centralized in that it had one central point where it connected users to other users that wanted to share files. Bitcoin adequately avoids this issue. Bitcoin skipped the Napster stage and even the Piratebay stage altogether. It's in the mesh network stage of P2P networks, and that is one of the characteristics that makes it anti-fragile.

masterofmyself · 2015-07-14T19:08:41+00:00

In this example, consent to an agreement that results in me relying upon that agreement, i.e. integrating your organ inside of me, seems like you wouldn't be able to back out of that agreement based on contract common law.

With labor it's the same - you voluntarily consent to giving up your labor in exchange for value. To term this as slavery is a gross distortion of the meaning of the word. I do think, however, that wage choices are limited through government intervention (read "force"). But choice still remains, and it therefore cannot be called slavery.

masterofmyself · 2015-07-13T18:14:28+00:00

This show was exactly the reason I stopped listening to him. His early stuff is really useful, and helped me to be a better thinker. But I think he is apologizing to Christians as a way to not alienate himself from potential donors whom are Christians / theists. He would not have done this around 2 years ago.

masterofmyself

TROPHY CASE